The second assessment builds on the on the results of the first exercise published on 10 November 2016. As announced, the EBA expects that institutions will be able to provide more detailed and accurate insights into their implementation of IFRS 9 as the information provided by the respondents in the first exercise reflected the early stage of implementation. The new exercise builds on the objectives of the first impact assessment, namely the estimated impact of IFRS 9 on regulatory own funds, the interaction between IFRS 9 and other prudential requirements, and the implementation issues relating to IFRS 9.

Please click for the press release on the EBA website.

During the insurance contracts session, the Board also decided to set the mandatory effective date for IFRS 17 as for annual periods beginning on or after 1 January 2021.

Please click to access the podcast (approx. 9 minutes long) on the IASB website.

The findings note that investors are open to many stakeholder issues, such as promoting board diversity, environmental reporting, or good corporate citizenship more generally. The 2013 Accounting Directive including provisions on country-by-country reporting for the extractive industries and the 2014 amendments to the Accounting Directive with its focus on nonfinancial statement disclosures, including information relating to ESG issues, sustainability, and disclosure of diversity policies, are cited as examples of the need for integrated reporting and for harmonising reporting and disclosure standards, including nonfinancial reporting.

Please click to access the full report on the CFA Institute website (includes access to abstract, full PDF, summary, and references).

The full agenda for the meeting is sum­marised below:

Agenda papers for this meeting are available on the IASB's website.

Mr. Schnurr began his tenure in October 2014 but suffered injuries from a serious bicycle accident in April 2016. Mr. Bricker assumed the role of interim chief accountant in July 2016.

For more information, see the press releases on Mr. Schnurr’s retirement and Mr. Bricker’s appointment on the SEC’s Web site.

If there was a theme running through the stories of all the winners of this year’s Finance for the Future Awards it was surely the focus on the impact that the efforts of the organisations concerned was creating. Bridges Ventures, which triumphed in the investment and financing category, was all about impact investing, bringing together social investors wanting to foster social impact with social enterprises wishing to grow. The success of water and waste water company United Utilities, which won the newly established Communicating Integrated Thinking award, was all about how the company was reaping the benefits from all the ways that integrated thinking had transformed both its processes and performance. The award for Innovative New Idea went to the Public Services Lab, (PSL), a consortium of organisations on Merseyside which were bringing their different but complementary skills together to create a collaborative approach to rethinking the way that public services could be delivered. Everywhere the world was being turned upside down.

‘It’s really hard’ said Bridges’ investment director, Caroline Tulloch, ‘to combine traditional financial structures and models of socially-focused businesses, and entrepreneurs’. ‘We changed the way we were working’, said United Utilities CFO Russ Houlden, ‘and we needed to communicate that to all of our stakeholders, particularly our investors, our customers and the society around us’. ‘This is a partnership between a number of different organisations’, said Chris Wright, CEO of Catch22, one of the organisations in the consortium, PSL, ‘and the idea is that we bring our collective expertise, energy, drive, and imagination to the fore to encourage others to step up and come up with solutions around the future of public service delivery’.

And this theme stretched across all of the winners. The Climate Disclosure Standards Board, CDSB, was a good example. Collaboration, for them, became the solution. ‘There was this gap in the market’, said managing director, Mardi McBrien. ‘We had climate change. We had investors who said they couldn’t use the information in the market. We had companies saying there were way too many ways to report that information and what did we want them to do. We had Governments saying: “We can’t regulate that yet”. So CDSB’s objective was to harmonise all these different interests into one place, our framework, and try and reconcile all those different objectives’. Collaboration was the only way forward. ‘It’s all about collaboration’, said McBrien. ‘It’s about bringing different disciplines and different ideas together, sharing experiences, testing things out, putting it onto the market, accepting the feedback, and trying again’. This lesson also shone through the highly commended award for HM Treasury in the public sector category. This was all about how the accounts of over 6,000 entities in the public sector were brought together to create one set of consolidated accounts for the whole of the public sector. This was a unique challenge which will create an impact which has profound consequences. ‘One of the big benefits of pulling all of the assets and liabilities into one place’, said Vicky Rock, head of government financial reporting at HM Treasury, ‘is that you can use that to assess the long-term sustainability of the public finances. So we have been working with the Office for Budget Responsibility on this and going wider than their definitions by putting in provisions, putting in guarantees, putting in contingent liabilities, to start to say how the Government’s balance sheet is going to evolve over time. What are the scale of these liabilities? How are they going to be paid for? And this is leading to changes in how policies are made in Government’.

And the range and the geographic reach of the finalists around the world emphasised how ideas of sustainability, integrated reporting and thinking, and collaborative efforts between the old silos of information within organisations are being brought together. From the social and environmental outcomes of the expansion of Auckland Airport to the way mobile banking was overcoming financial exclusion amongst the 110 million people of Pakistan, from the transformative integrated thinking at global healthcare company Novo Nordisk to the ultimate winner of the large business award, Coca-Cola Hellenic Bottling, the story was the same. ‘It really teaches you lots of lessons about collaborative working and collaborative thinking’, said Basak Kotler, director, investor relations at Coca-Cola.

Currently in Yemen, IFRS is required by all banking institution and large and medium-sized companies. All other companies are permitted to use IFRS. The licensing agreement is considered an important step towards incorporating IFRS into Yemen’s legal framework.

For more information, see our Yemen jurisdiction page.

The report — prepared by the Chair of the IFRS Advisory Council, Joanna Perry — notes the following discussions:

• Scope of the Primary Financial Statements research project — The Members of the Council agreed that there is a tension between flexibility and comparability, and although they supported providing more guidance they warned against that guidance being too descriptive. Alternative performance measures were discussed as a topic the Board cannot ignore.
• Implementation support for the new insurance contracts standard — The Members of the Council agreed that the use of a transition resource group is appropriate; however all of the available tools for implementation support should be used.
• Key performance indicators for the IFRS Foundation — The Members of the Council considered and provided advice in relation to potential key performance indicators that could be used by the IFRS Foundation to monitor certain aspects of its work. The main message was that the Foundation should focus on the quality of the standard-setting process and outreach and that it will be important to keep the key performance indicators simple and focused.
• Implications of the Brexit for the IFRS Foundation — The Members of the Council agreed that although there is a lot of uncertainty there are no immediate matters that the IFRS Foundation needs to address.

The next meeting of the IFRS Advisory Council is scheduled for 4–5 April 2017, in London. The full report on the council’s October/November meeting is available on the IASB's website.

This issue features:

• Views from Dennis Jullens, Lecturer at Rotterdam School of Management, Erasmus University and a Capital Markets Advisory member.
• A look at the amendments to IFRS 4 arising from the implementation of IFRS 9.
• An update on the IASB work plan.
• In­for­ma­tion on current events and investor feedback.

The Investor Update newslet­ter is available on the IASB’s website.

The meeting was chaired by IASB member Darrel Scott and discusssed:

• IAS 37 Provisions, Contingent Liabilities and Contingent Assets;
• Post-implementation review of IFRS 13 Fair Value Measurement; and
• IAS 27 Separate Financial Statements - Financial statements of subsidiaries.

Members also expressed their sadness at the passing of former Chair Wayne Upton and acknowledged his contributions to the establishment and continuing success of the EEG.

Please click for access to the communiqué on the IASB website.